Maharashtra to amend laws, to stimulate the sale of property in pseudo cases

By Accommodation Times Bureau

The Maharashtra government has planned to amend laws, for the speedy sale of properties confiscated in the fraud cases of investment in Maharashtra, in order to recover soon the entrapped money of duped depositors or investors.

On August 1, 2017 Chief minister Devendra Fadnavis gave this information in the legislative assembly, while answering to a question about the Samruddha Jeevan Group’s chit fund scheme, in which lakhs of investors have lost money.

“Whenever such cases are investigated, the probe agencies frame charges based on several acts, related to cheating and protection of consumer rights. Under the current procedure, it takes a long time and we cannot sell the properties (attached properties of promoters) in time to recover the money,” he said. Hence, some laws would be amended to expedite sale of attached properties, he said.

To a question by Shiv Sena MLA Ashok Patil, the CM said that when promoters transfer their property in somebody else’s name, it cannot be attached. However, now the Benami Transactions (Prohibition) Act 2016 will be used to confiscate such properties and pay off investors’ dues, he informed.